Wells Fargo's savings account options and their fees
Wells Fargo offers several savings accounts, but none of them are free. Every savings account Wells Fargo sells carries a monthly maintenance fee unless you meet specific balance or deposit requirements. The most common account is the Wells Fargo Savings account, which charges $5 per month unless you maintain a minimum daily balance of $500 or set up a monthly direct deposit of at least $25.
Wells Fargo also offers the Wells Fargo Way2Save Savings account, designed for customers who want to build savings gradually. This account charges $5 per month unless you maintain a $500 minimum daily balance or make automatic monthly transfers of $25 or more from a linked checking account. If you do not meet either requirement, the fee applies every month.
A third option is the Wells Fargo Platinum Savings account, which carries the same $5 monthly fee and the same balance or deposit requirements to waive it. The difference between these accounts lies in interest rates and features, not in whether you pay a fee—all three charge the same amount if you do not meet the waiver conditions.
Key Takeaways
- All Wells Fargo savings accounts charge $5 per month unless you maintain a $500 minimum daily balance or set up automatic monthly deposits or transfers of at least $25.
- The three main options—Savings, Way2Save, and Platinum Savings—have identical fee structures but different interest rates and features.
- If you cannot meet the balance requirement, you can waive the fee by setting up a monthly automatic transfer from a checking account instead.
- Interest rates on Wells Fargo savings accounts are typically lower than rates offered by online banks, so compare before opening an account.
How to avoid the monthly maintenance fee
The $5 monthly fee disappears if you meet one of two conditions. The first is maintaining a minimum daily balance of $500 in the account at all times. This means the lowest your balance can drop on any single day is $500—if it falls below that even once, the fee applies for that month.
The second way to waive the fee is to set up an automatic monthly transfer of at least $25 from a linked Wells Fargo checking account into the savings account. This transfer must happen every month and must be at least $25. If you skip a month or the transfer is smaller, the fee will apply. Alternatively, you can set up a direct deposit of at least $25 per month into the savings account, which also waives the fee.
Many customers find the automatic transfer route easier than maintaining a high balance, especially if they are building savings from a low starting point. You can set up the transfer through Wells Fargo's online banking or mobile app in a few minutes.
Interest rates and how they compare
Wells Fargo savings accounts earn interest, but the rates are typically lower than what you will find at online banks. As of the most recent data, Wells Fargo's savings accounts earn rates that vary by account type and change based on the Federal Reserve's actions. You should check Wells Fargo's website or call a branch for the current rate on the specific account you are considering.
Online banks—such as Marcus, Ally, and Discover—often offer rates two to five times higher than Wells Fargo's rates on savings accounts. If you are primarily interested in earning interest on your savings, comparing rates across multiple banks before opening an account is worth your time. The difference compounds over months and years, especially on larger balances.
Wells Fargo's main advantage is convenience if you already have a checking account there and want everything in one place. The trade-off is a lower interest rate and a monthly fee if you cannot meet the balance or transfer requirement.
What happens if you do not meet the fee waiver requirements
If your balance drops below $500 and you do not have an automatic monthly transfer set up, the $5 fee will be deducted from your account each month. This fee comes out of your savings balance, so it directly reduces the money you are trying to build. Over a year, five dollars per month adds up to $60 in fees alone.
The fee will continue to apply every month until you either raise your balance to $500 or set up an automatic transfer. There is no grace period or one-time waiver—the fee applies consistently if the conditions are not met. Some customers do not realize they are being charged until they review their account statement and see the monthly deduction.
If you find yourself unable to maintain the balance or set up the transfer, you may want to consider moving your savings to a bank with no monthly fee. Many online banks and credit unions offer savings accounts with no minimum balance and no monthly maintenance fee.
Comparing Wells Fargo to other banks
Wells Fargo's savings accounts are not the only option. Credit unions often offer savings accounts with no monthly fee and no minimum balance requirement. If you are a member of a credit union, check what they offer before opening a Wells Fargo account. Credit union rates vary widely, so compare the interest rate as well as the fee structure.
Online banks like Ally, Marcus, and Discover offer savings accounts with no monthly fee, no minimum balance, and higher interest rates than Wells Fargo. The trade-off is that you cannot walk into a physical branch—all transactions happen online or through their mobile app. For many people, this is not a problem, especially if they rarely need to deposit cash.
If you value having a physical branch location and prefer to do business in person, Wells Fargo's network of branches is a real advantage. You can deposit checks and cash at any branch, and you can speak to a representative face-to-face. This convenience comes at a cost: the monthly fee and lower interest rates.
Opening a Wells Fargo savings account
You can open a Wells Fargo savings account online, through the mobile app, or at a branch. If you already have a Wells Fargo checking account, opening a savings account takes just a few minutes online. You will need to link it to your existing checking account and decide which type of savings account you want.
If you do not have a Wells Fargo checking account, you can open both at the same time. You will need a government-issued ID, a Social Security number, and an initial deposit. Wells Fargo's minimum opening deposit for savings accounts is typically $25, though this can vary.
Before you open the account, decide whether you can meet the fee waiver requirements. If you cannot maintain a $500 balance and do not want to set up an automatic transfer, you will pay $5 every month. Factor this into your decision about whether Wells Fargo is the right bank for your savings.
Frequently Asked Questions
Can I waive the fee with a direct deposit instead of a transfer?
Yes. A direct deposit of at least $25 per month into the savings account waives the $5 monthly fee, just like an automatic transfer does. This works whether the direct deposit comes from your employer, a government benefit, or another source.
What if my balance drops below $500 for just one day?
The fee applies for that month. Wells Fargo calculates the minimum daily balance, so even a single day below $500 triggers the charge. You need to maintain $500 every single day of the month to avoid the fee through the balance requirement.
Do I have to keep money in the savings account, or can I transfer it out?
You can transfer money out, but if your balance drops below $500 and you do not have an automatic transfer set up, the fee applies. The $500 is a minimum you must maintain at all times if you want to avoid the monthly charge through the balance waiver.
Is there a penalty if I close the account early?
Wells Fargo does not charge an early closure fee on savings accounts. You can close the account at any time without penalty. If you close it, make sure to withdraw all remaining funds or transfer them to another account.
How often does Wells Fargo change its interest rates?
Wells Fargo adjusts rates based on Federal Reserve decisions and market conditions. Rates can change multiple times per year. Check the Wells Fargo website or call your branch to confirm the current rate before opening an account.